PATENT TROLLS COST COMPANIES $500 BILLION AND STIFLE INNOVATION

According to The Private and Social Costs of Patent Trolls, a new study published by the Boston University School of Law, patent trolls are responsible for $500 billion of “lost wealth” between 1990 and 2010, and for a decline in innovation. The study defines patents trolls as “firms that license patents without producing goods,” otherwise known as non-practicing entities. The researchers have found patent trolls, typically smaller firms, often sue large companies for technology patent infringement to make a quick buck. The lawsuits have resulted in an average of $80 billion of lost wealth per year during the last four years.

The Private and Social Costs of Patent Trolls argues that patent trolls push firms to purchase “vague, over-reaching patents” instead of innovating.

PUBLIC RADIO'S THIS AMERICAN LIFE TO TAKE ON PATENT TROLLS

The financial crisis, DIY cryogenics, the love songs of Phil Collins -- This American Life has taken on a lot in its 15-plus years on public radio. This week the Ira Glass-helmed show tackles a matter close to our hearts: the patent wars. The show has devoted the entirety of episode 441 to the seedy world of patent trolling. The TAL team focuses in on the practices of Intellectual Ventures, a name that should ring some bells and rattle some bank accounts around these parts. Check out the link to the episode and why not subscribe to the podcast while you're there?